Speaking at the 'Ahaa' forum held last night, Saeed said that the government is taking measures to ensure prices are controlled during Ramadan.
Minister of Economic Development and Trade Mohamed Saeed has said that the government will take action against those hiking prices of goods for the upcoming month of Ramadan. He added that a policy on procedures to be followed in the case of rising prices has been formulated.
Speaking at the 'Ahaa' forum held last night, Saeed said that the government is taking measures to ensure prices are controlled during Ramadan.
He said that prices had been controlled last year through a special commission formed for the matter by President Dr Mohamed Muizzu, adding that last year saw the best price controls in place to date.
Referring to a World Bank report published in October last year, Saeed said that the inflation rate in Maldives was predicted to cross seven percent by this time. Such high inflation has not been recorded in the country to date. Although this is the World Bank's prediction, Saeed said that inflation is being controlled under three percent due to efforts by the government.
Saeed said that this is being done through the President's decision to control prices of basic necessities for the public.
Under this policy, there is a list stipulating price control on 183 products in the market. 54 of these products are specifically targeted for Ramadan, he added.
"We will intervene if the price of any type of product is seen to be hiking in the market. That is not a choice," Saeed said.
STO, meanwhile, has started selling onions and coconuts for Ramadan at low prices. In the market, the price of coconuts is currently between MVR 10 and MVR 25. However, STO will be selling coconuts at the price of MVR 5. Onions are at MVR 25 to MVR 30 per kilo in the market, while STO's price is MVR 16.
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